Cryptologic Releases 2020 2nd Quarter Financial Outcomes

Cryptologic Releases 2020 2nd Quarter Financial Outcomes

TORONTO, Aug. 28, 2020 (WORLD NEWSWIRE)– Cryptologic Inc. (“ Cryptologic” or the “ Company“) (CSE: CRY) today reveals its financial outcomes for the quarter ended June 30,2020 Chosen financial info of the Business for the three and 6 months ended June 30, 2020 and 2019 and the year ended December 31, 2019 is stated below:

Three Months Ended June 30, 6 Months Ended June 30, Year Ended December 31,
20202019202020192019
Net loss and thorough
loss from continuing operations
$(3,238,571)$(1,567,595)$(5,974,756)$(4,585,412)$(16,962,291)
Earnings (loss) and detailed
income (loss)
( 1,364,755) 2,850,926( 3,555,609)(273,432)(11,722,599)
Overall assets10,837,60524,686,64110,837,60524,686,64115,581,954
Total liabilities 1,732,94236,947,189 1,732,94236,947,18938,847,679
Fundamental and diluted bottom line and
extensive loss per common
share from continuing operations
$(0.25)$(0.12)$(0.47)$(0.36)$(1.33)
Fundamental and diluted net income (loss)
and thorough income (loss)
per typical share
$(0.25)$ 0.22$(0.42)$(0.02)$(0.92)

The Company reported a bottom line of $1.4 million for the quarter ended June 30, 2020 as compared to net income of $2.9 million for the exact same quarter in the previous year. The Company reported a net loss of $3.6 million for the six months ended June 30, 2020 as compared to a bottom line of $0.3 million for the very same period in the previous year.

On April 8, 2020, the Company announced that it sold the shares of its wholly-owned subsidiary 9376-9974 Quebec Inc. to HIVE Blockchain Technologies Ltd. (” Hive”). As factor to consider, Hive provided 15,000,000 of its common shares (” Hive Shares”) and paid $1,956,231 in cash. In addition, Hive has agreed to invest $3,000,000 in 9376-9974 Quebec Inc. Thirty days after closing of the deal, the Company settled $221,916 in working capital change to Hive for net cash earnings of $1,734,315

As at June 30, 2020, the worth of Hive Shares was $4,800,000 and reviewed the Business’s balance sheet under marketable securities.

On August 7, 2020, the Company revealed that, in order to save its cash while it thinks about acquisition opportunities or other strategic deals, the Company (i) terminated the lease of its wholly-owned subsidiary, Crypto 205 Inc., at its cryptocurrency mining facility in Pointe-Claire, Quebec, reliable July 31, 2020, and (ii) ended the employment agreement of all of its staff members, consisting of Ceo, John Kennedy FitzGerald, Chief Financial Officer, Joshua Lebovic and Chief Operating Officer, Paul Leggett, reliable July 31, 2020.

Mr. Fitzgerald and Mr. Lebovic will provide continuous services to the Business, as President and Chief Financial Officer respectively, pursuant to part-time consulting plans.

As of end of day August 27, 2020, the business had cash and valuable securities of approx. $8.4 million and payables of $0.5 million.

The monetary declarations for the 3 and six months ended June 30, 2020 and the associated management’s discussion and analysis (“ MD, amp; A“) are offered on Cryptologic’s SEDAR profile at www.sedar.com

For information or interview please contact:

Joshua Lebovic
Chief Financial Officer
(647) 715-3707

About Cryptologic Inc.

Cryptologic Corp. is presently a cryptocurrency mining business that is concentrated on divesting its crypto mining properties and checking out acquisition chances in sectors outside of cryptocurrency mining.

Cautionary Note Concerning Forward-Looking Details

Certain statements in this press release, including statements with respect to the Business’s position to go into other elements of cryptocurrency mining, consist of positive info which can be recognized by the use of forward looking terminology such as “thinks”, “expects”, “might”, “desires”, “will”, “ought to”, “jobs”, “quotes”, “contemplates”, “expects”, “plans”, or any negative such as “does not think” or other variations thereof or similar terminology. No guarantee can be considered that prospective future outcomes or scenarios described in the forward-looking statements will be accomplished or will take place. By their nature, these forward-looking declarations necessarily involve threats and unpredictabilities, consisting of the danger that expenses will be greater than anticipated reducing margins, that expenditure decreases will not be understood, the danger that the rate of power to the Business boosts and other risks and uncertainties gone over herein, that could cause real results to significantly vary from those contemplated by these positive declarations. Such statements show the view of the Company with respect to future occasions and are based upon info presently offered to the Company and on presumptions, which it considers sensible. Management warns readers that the assumptions relative to the future occasions, numerous of which are beyond management’s control, could show to be inaccurate, considered that they undergo certain risk and unpredictabilities, and that actual results may vary materially from those projected. Other aspects which could cause outcomes or occasions to vary from existing expectations include, to name a few things, the impact of general financial, market and market conditions. Management disclaims any intention or responsibility to upgrade or revise any positive statements whether as an outcome of new details, future occasions or otherwise, other than as needed by suitable securities laws. The reader is warned not to put unnecessary dependence on forward-looking details. The Canadian Securities Exchange has actually not examined, approved or disapproved the content of this press release.

Primary Logo

Find Out More